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Credit Constraints and the Cyclicality of R&D Investment: Evidence from France. Philippe Aghion, April 28, 2008, Paper. "We use a French firm-level data set containing 13,000 firms over the period 1993-2004 to analyze the relationship between credit constraints and firms' R&D behavior over the business cycle. Our main results can be summarized as follows: (i) the share of R&D investment over total investment is countercyclical without credit constraints, but it becomes less countercyclical as firms face tighter credit constraints..." Link Verified October 29, 2014